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Preferred stock (8%, $50 par value) $ 300,000 $ 150,000 Common stock ($10 par value, 80,000 shares authorized, 80,000 shares issued, 10,000 shares in treasury) 800,000 650,000 Additional paid-in capital: Preferred stock 200,000 175,000 Common stock 525,000 300,000 Retained earnings 679,000 505,000 Less: treasury stock 150,000 - Total shareholders' equity $2,654,000 $1,780,000 Required: a. How many shares of common stock were issued during 2010? What was their average issue price? b. How many shares of preferred stock were issued during 2010? What was their average issue price? c. Give the entry for the company's purchase of treasury stock. What was the average repurchase price? d. What was the company's book value at the end of 2009? 2010?
Which of the following is not a difference between financial accounting and managerial accounting?
Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess's break even point.
A television network decides to cancel one of its shows if it is convinced that less than 14% of the viewing public are watching this show.
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
Describe 1 ethical issue that could result from the preparation of these manufacturing entries.
What should Quinn report on its 2007 income statement as a result of the increase in fair value of the investments in 2007?
On January 1, 2011, an investor paid $299,000 for bonds with a face amount of $350,000. The stated rate of interest is 10% while the current market rate of interest is 12%. Using the effective interest method, how much interest income is recognize..
What is the amount of dividends received by the common stockholders in 2010?
The equipment will have an initial cost of $400,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $75,000, what is the payback period? Ignore income taxes.
An ounce of oats contributes 8 milligrams of vitamin A and 1 milligram of vitamin B, whereas an ounce of rice contributes 6 milligrams of A and 2 milligrams of B. An ounce of oats costs $0.05, and an ounce of rice costs $0.03. Formulate a LP model..
To what level of the IRS are C-Ment's returns sent if it is determined that it will be necessary to contact the corporation during the audit process?
The fair market value of Sky Tech's depreciable assets was $15 million in excess of their book value. For this year, Sky Tech reported a net income of $75 million and delacred and paid $15 million in dividends. What is the amount of purchased good..
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